FAQs for the Scale-Up Program as of 27th May 2019
What is MIF Scale-Up Program?
Through this flagship program, we help innovative organizations (business and social) in scaling-up their business by harnessing the network of senior Marico mentors, industry experts, management consultants, students from top B-School, Impact investors and Incubators / accelerators.
This is a structured, deep rooted mentoring program. We diagnose the critical business challenges that you might be facing, suggest and implement prototype solutions to the challenges and integrate the successful solutions into the business. The intervention leads to tangible results like increase in revenue, reduction of cost, setting up manufacturing lines, SOP’s and KPI’s, dash boarding etc. and the engagement ends when you are ready to scale up independently.
Watch this video to know more.
Who can benefit from the Scale Up Program?
Organisations that have an innovative product / service / operational model that has potential to scale.
Through this intensive engagement, industry experts will help build your organization in a way to attain sustained growth. This will in turn help you create a larger impact and achieve scale in your activities. You can go through the case studies of how our initiative has helped various organisations from diverse sectors over the years.
Our cohort is diverse in terms industry and challenges, which gives you opportunity for cross learnings.
Who are these mentors?
MIF has rich pool of mentors of two kinds –
- External mentors comprising of CXOs, industry stalwarts, entrepreneurs and subject matter experts who all have agreed to spare time from their daily routine to work with young entrepreneurs in their scale-up journey
- Internal Mentors comprising of members of Marico that have years of experience in their respective functions, who take time from their business-as-usual to support innovative organisations
How do I apply to the Scale-Up Program?
We keep our eyes, ears, and doors open. We have our in-house researchers who actively look for innovations. However, if you believe that you fit the bill as defined above, write to us at email@example.com .
Our intake process is a rolling process and you may reach us at any time of the year.
Alternately, if you are aware of any innovative organisation which may fit the Scale-up Program, you may refer them to us.
What is the process after a successful on-boarding?
After validating the innovation, team MIF defines the scope of engagement and scouts for a suitable mentor who will work closely with the organization to resolve the business challenge. We spell out the challenges together. After a detailed understanding of the organization and its working, prototype solutions are suggested by the mentor. Team MIF helps the organization implement these alternate solutions and monitor the success. The mentor periodically reviews the progress. The engagement ends when the challenge is resolved.
There is no quick-fix solution to positively impact the growth of an organisation for the long-term. Typically an engagement lasts for 6-12 months – from identifying operational challenges to ideating and executing solutions and then reviewing the outcome.
Will the information shared during the process remain confidential?
All the information is protected under a mutually signed non- disclosure agreement between Marico Innovation Foundation and the organization. The organisation’s information will remain fully confidential with us.
How does MIF define ‘Innovation’?
We believe Innovation is a new & unique solution to a problem OR a substantial improvement on an existing product, service, business process in a way that adds significant value to stakeholder(s) in the value chain.
Will Scale-Up Program fund my organization or any of its projects?
We strictly do not undertake direct or indirect funding, charity, or donations of any kind. Keeping in mind our belief in the old adage ‘Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime’, we invest our resources to help organizations achieve scale.
Do I have to pay any fee for the mentoring through this program?
We do charge a nominal fee depending on the project scope and life stage of the organization. This is to ensure that the organization is as invested if not more in the collective efforts of Team MIF and the mentor. This is a small fee to simply warrant skin in the game.
What does Marico Innovation Foundation want in return for this mentorship?
We strive towards the single goal of nurturing innovation in India. Scale-Up Program lies at the core of our existence. We take pride in achieving impact in the scale up journey of our member organizations and hence the innovation at hand.